A new 165-key hotel has opened for business in an iconic, century-old building in downtown Knoxville, Tenn. Branded as the Hyatt Place Knoxville/Downtown, the building is owned by Dover Development and operated by White Lodging. Dover Development acquired the asset in 2014 for $3.7 million, according to public records.

Located at 530 S. Gay St., the hotel opened in 1917 and was named for Knoxville-area native David Glasgow Farragut, Union admiral in the Civil War. The building was almost completely gutted in the 1980s to transform the former hotel into office space. While some tenants had initially leased offices in the property, the asset fell largely vacant in recent years. Work to transform the space back into a hotel began in 2016 and was financed by a $2.9 million HUD loan. As an additional incentive, the city provided a 25-year PILOT tax abatement to Dover Development.

Wide range of amenities

Guest amenities include a 24-hour fitness center, complimentary Wi-Fi, valet parking, 3,848 square feet of rentable meeting space and a business center. A Starbucks café and a cocktail bar are also located inside the building. Parking is available to guests in a city-owned multi-level structure located a block away on State Street.

“The Hotel Farragut was a place of special memories for many of the people of Knoxville. We’re so excited to breathe new life into this landmark property,” said Trenton Keelen, the hotel’s general manager, in a prepared statement. “Our convenient location offers so much in a walkable distance.”

White Lodging has expanded its nationwide hospitality portfolio in recent years. Last year, the firm opened a 495-key dual-branded hotel in Denver.